Cyber threats continue to evolve rapidly. A tiny leak could lead to a massive drain! Hence, while optimizing the use of technology, companies cannot discount the need to align cybersecurity with their business objectives.
“Securonix is committed to developing innovative solutions that identify and respond to advanced security threats while meeting the needs of scalability, cloud readiness, and operational efficiency,” said David Wagner, Vice President, Global MSSPs and Systems Integrators, Securonix.
Although “Acts of War” are often excluded from insurance policies, cyberwarfare typically exists in a different realm. Even though several insurers have declared cyber attacks by state-sponsored actors as acts of war, a recent court ruling found an insurer liable for losses stemming from the 2017 NotPetya malware attack against pharmaceutical giant Merck & Co. In the landmark decision, Merck & Co was awarded $1.4 billion by the New Jersey court.
It’s not just temporary gridlock; supply chain issues are expected to persist through 2023, further jeopardizing crucial infrastructure and making it a prime target for a cyberattack. The supply chain and transportation industries are already behind when it comes to securing their systems, and resources are spread thin dealing with mounting pandemic-induced backups.
In one of the most impactful European conflicts since World War II, Russian troops have invaded neighboring Ukraine, a sovereign nation. While the effects of this war on world peace and stability remain to be seen and while a larger conflict involving other nations including the U.S. could soon become a reality, the uncomfortable truth is that we are already at war.
Toyota suspended all its domestic factories on Tuesday following a cyber-attack that affected the supplier of plastic parts, Kojima Industries Corporation. “Due to a system failure at a domestic supplier (KOJIMA INDUSTRIES CORPORATION), we have decided to suspend the operation of 28 lines at 14 plants in Japan on Tuesday, March 1 (both 1st and 2nd shifts).
Russia inflicted way more destruction on Ukraine than what made the headlines. As Russia continued to invade Ukraine, it simultaneously launched a series of cyberattacks against the country, and the initial targets were Ukrainian banks and government agencies. The newer sanctions by the U.S. and other NATO nations have not been successful in preventing Putin from continuing his invasion.
Several current information security techniques continue to be ineffective in addressing organizations’ most critical threats. Here, the failure to secure supply chains is among the leading causes of cybercrimes. There was an unprecedented surge in the number of cyber-attacks targeting critical infrastructure and supply chains in 2021. Experts believe these attacks are only going to grow more prominent in 2022.
Due to the rise of technology and the digital transformation that occurred before and after COVID-19 hit the world, many CPA firms have been faced with increasing levels of cybersecurity threats. There were also some noteworthy cybersecurity incidents. One significant example was the data breach of the public accounting firm, Gustafson & Company.
On pace with the spread of the pandemic, cyberattacks exploded across industries in 2021. Hackers took advantage of vulnerabilities in remote work and the continued digitization of business processes to siphon millions of dollars. As we move into the new year, we’re seeing new threats on the horizon, as cybercriminals develop more accessible pathways to launch attacks, race to exploit automated technology, and even prey on the humans who use it.
